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OIC orders “The One Insurance” to temporarily suspend non-life insurance

Bangkok, Dec. 2 – The OIC board has approved the registrar to order “The One Insurance” to temporarily suspend non-life insurance. order to expedite the correction of the financial position within the specified period Strict control prohibits accepting new customers Claims must be paid to the same customers as usual. while the Secretary-General of the OIC ordered measures to fully protect the benefits of the people

Dr. Suthiphon Thaweechaikarn, Secretary-General of the Insurance Commissioner (OIC) revealed that the meeting of the Insurance Commission (OIC) No. 14/2564 when On December 1, 2021, it was resolved to approve The One Insurance Public Company Limited to temporarily suspend non-life insurance. From 1 December 2021 onwards

In this regard, the circumstances and evidence appeared to the Registrar that The One Insurance Public Company Limited had an unstable financial position. with liabilities in excess of assets Insufficient allocation of backing assets as required by law have liquid assets
Not enough for a claim And it appears that the capital adequacy ratio is lower than the criteria prescribed by law. Including evidence that the company has no intention to revise the company’s financial position. As a result, it cannot be assured that the Company is able to repay its debts in accordance with its obligations to the insured or the public with late payment of claims. which constitutes a violation or failure to comply with the notification of the Ministry of Commerce regarding the rules, procedures and periods that are considered to delay the payment of compensation or delay the return of insurance premiums of non-life insurance companies and there is still an outstanding amount of compensation
so many that it affects the position and operation of the company

There is also an act that is considered a violation of the law by announcing the closure. without giving reasons This caused panic to the insured and many people. due to contact at the company office but did not receive any service from the company

From the fact that such evidence appears The registrar is therefore of the opinion that The One Insurance Public Company Limited has a status or operation in a manner that may cause damage to the insured or the public. In order to supervise and follow up on solving problems of the company’s status and operations in all aspects It covers both financial stability monitoring and accurate and transparent operational transactions. This will enable the company to operate business sustainably. including preventing damage to the insured and the public in the future By virtue of Section 52 paragraph one of the Non-Life Insurance Act B.E. 2535 and amendments together with the resolution of the Insurance Commission At the meeting No. 14/21, dated December 1, 2021, the Registrar, with the approval of the Board of OIC, ordered The One Insurance Public Company Limited to proceed as follows:

1. Temporarily suspend non-life insurance 2. Revise the financial position to be sufficient for the obligations. and provide an adequate capital adequacy ratio as prescribed by law within 15 days from the date of receiving the order. 3. The company is open to contact with the public every day according to the OIC announcement regarding the determination of non-life insurance companies to open contact with the people. 4. Prepare a summary report of the details of the insurance policy that the company must pay compensation to the insured, such as the insurance policy number. Insured name Amount to be indemnified and submit the report to the OIC every business day from the date of acknowledgment of the order and record in the register book, account book, calculate and maintain insurance reserve to be completely legal

  1. expedite the payment of compensation under insurance contracts to the insured within the period specified by law 6. Report the progress in the implementation of Article 2, Item 3, Item 4 and Item 5 every business day until the order changes.

However, in accordance with Section 54 of the Non-Life Insurance Act B.E. 2535, when the Registrar orders the company to temporarily suspend insurance Directors, employees and employees of the company are prohibited from ordering the company’s money. or moving or disposing of the Company’s assets except for the payment of salaries or wages to employees or employees of the Company as usual For other payments, it shall be as prescribed by the Registrar. Including the company must report in writing to the Registrar of all creditors and debtors of the company within the period specified by the Registrar.

In addition, in the event that the Company is unable to complete the resolution of the financial position and operations according to the Registrar’s order within the period specified above or it appears that the company has an action that may be considered an act that violates the law further or the Registrar considers that if waiting for the expiration of the period specified above may cause damage to the insured or the public The Office of Insurance Commissioner shall continue to proceed in accordance with the Resolution of the Insurance Commission No. 14/2564 dated December 1, 2021.

“Issuing the said registrar order will help the OIC to fully protect the benefits of the people. and according to the registrar’s announcement Regarding the payment schedule of the company that the registrar has ordered to temporarily stop the non-life insurance This allows the OIC to control various payments. of the company at all and manages to clear the problem of paying claims more effectively by ordering to the inspection line Insurance Business Analysis Division and benefit protection line as well as the office OIC all over the country Inspect the branch/representative office of the company located in the area of ​​responsibility and to notify the temporary cessation of non-life insurance To prevent insurance companies/agents/brokers Sell ​​a new policy during the insurance break. as well as an order to appoint a team of officers to be stationed at the company in full capacity in order to control the company’s operations for the greatest benefit to the people If it is found that the company does not comply with the specified conditions which may cause damage to the insured or the public It will continue to implement legal measures at a more intense level. For the performance of duties of the Company’s directors and executives, the OIC will continue to monitor the performance of duties. If found that an offense has been committed, legal measures will be taken strictly.
Fairness, contact the OIC hotline 1186 or www.oic.or.th,” the OIC said at the end. .-Thai News Agency

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